Northeastern University

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Accounts Payable

Reconciliation of Receipts

What is Expected of the Cardholder
In order to help facilitate the proper reconciliation of documentation and receipts, all cardholders should receive Procard transaction statements (PVS reports) which are distributed once a month via email. Cardholders are expected to review these transaction statements to ensure validity of all purchases and also to assist in matching receipts to their respective transactions.

Procard Reconciliation forms are available for download ( Forms) and should be used to record all transactions made with a Procard. It is mandatory for each purchase over $75 to have a corresponding receipt or invoice. Expenditures under $75 do not require receipts, however a brief explanation of their business purpose is necessary if a receipt is not provided.

The last step in the reconciliation process is for the cardholder to turn in their completed reconciliation form to their department head for review and signature. Once a signature is obtained, the form(s) should be kept within the department with either the cardholder or an individual designated to retain Procard records for the department.

Role of Designated Departmental Record Keeper
Individuals designated as record keepers within their department should ascertain that all necessary receipts, transaction statement and/or explanations are provided for each Procard charge, as well as to ensure that department heads have signed off on each form.

It is also essential for these individuals to be a "second set of eyes" in reviewing charges to departmental budgets to ensure legitimacy. Any questionable transactions must immediately be reported to Accounts Payable should they appear.

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